$12B Concurrent Makes Minority Investment in Florida-Based Asset Manager
Concurrent Investment Advisors, a hybrid registered investment advisor with a 1099 affiliation model, has made a minority investment in a Longboat Key, Fla.-based asset manager.
Concurrent, which is based in Tampa, did not disclose the amount of the investment in Catherine Avery Investment Management. This was the RIA’s first investment in a standalone asset manager. The move will add to Concurrent’s portfolio of investment solutions for its network of over 70 firms.
With the deal, CAIM will remain independent in its investment decisions and operational structure while gaining access to Concurrent’s affiliate RIAs as a distribution channel.
Catherine Avery founded the asset manager CAIM shortly after a nine-year stint as a vice president at Dean Witter, which was acquired by Morgan Stanley, according to her LinkedIn profile. She was a portfolio manager who later managed teams and invested in the firms’ mutual fund products and managed accounts.
Concurrent has made minority investments in most of its partnered RIAs, and recently started taking minority stakes in firms outside its network.
$25B Homrich Berg Rebrands to HB Wealth
Homrich Berg Wealth Management, an Atlanta-based fee-only RIA integrator with $25 billion in assets, has rebranded to HB Wealth as it seeks a firmwide refresh and to bring a recent $6.4 billion family-office acquisition under its name brand.
The rebrand will unite HB Wealth’s 11 offices across five states under one name, without including any operational or leadership changes.
The original Homrich Berg name came from the firm’s founding in 1989 by Andy Berg and David Homrich to work with families, individuals and not-for-profit organizations. Berg is still a chairman and shareholder at the firm after stepping down from the CEO position in 2022. Homrich left in 2001 to join Home Depot founder Arthur Blank in forming a family office.
In December 2024, HB Wealth made its largest acquisition with WMS Partners, a multi-family office and RIA based in Tyson, Md. The firm merged with HB’s family office.
“With a rich, 35-year history, we want to honor the legacy of our founders while reflecting who we are today and where we’re headed,” CEO Thomas Carroll said in a statement.
$18B RWA Wealth Acquires on the West Coast, Plans New San Francisco Office
RWA Wealth Partners, a women-led RIA with $18 billion in client assets, has acquired a San Francisco-based RIA that will occupy a new office the firm is looking to open in the fall.
Moirai Wealth Management, which will take on the RWA name, has joined the larger RIA’s family office division and will move its four-person staff into a new office in downtown San Francisco, according to the announcement. RWA is based in Boston.
Moirai is a women-led RIA managing $344 million in assets. Karen Schmid started the firm in 2000 to work with high-net-worth and ultra-high-net-worth individuals and families.
“I knew from the moment I met Karen and her team that we were meant to be partners,” RWA CEO Michelle Knight said in a statement.
Knight also promised more acquisitions, saying they “will be a key part of our growth strategy as we continue to build RWA into one of the consequential boutique wealth management firms in the country.”
Schmid said in a statement that her team would utilize RWA’s investment management, tax, and trust and estate planning services.
RWA now has 14 employees in California and offices in Boston; Newtown, Mass.; Chicago; and Traverse City, Mich.
Bond Provider SPGF Hires TIAA, Moneta Vet as Chief Growth Officer
SPFG, a fixed-income provider working with RIAs, has hired a former Moneta and TIAA-CREF executive as its chief growth officer.
Shawn Paulk takes the newly created position to work with both existing advisors and to expand the Atlanta-based firm’s client base.
“My focus will be on leveraging my extensive network and SPFG’s unparalleled service and expertise to connect more RIAs with tailored bond portfolios that can truly enhance their clients’ financial outcomes and support their firms’ organic growth objectives,” Paulk said in a statement.
He was previously senior managing director of M&A at RIA Moneta. He had also worked as the head of financial advisor distribution with TIAA-CREF Asset Management.
SPFG offers advisors a suite of bond portfolio management, trading and support, while allowing the advisors to retain control of the client assets.
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